Parliament approves new privatization law in first reading

UKRAINE - In Brief 09 Nov 2017 by Dmytro Boyarchuk
Parliament approved new privatization law in first reading. The key features of the law include (a) introduction of independent investment advisors that accompany sale of large state owned enterprises, (b) sale of small stakes of state property through Internet platform, (c) streamlined procedures for open auctions, (d) possibility to resolve disputes related to privatization in international courts. This law is among the requirements of the IMF. The legislation was long-awaited since it resolves many bottlenecks which blocked privatization process in the past (like evaluation of stakes for sale). No doubt, even the first reading for this law is a very positive signal. Still we need to recognize that the law by itself does not secure smooth privatization process. It introduces more transparency but still political will is needed to move forward with this process.

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